Tekfen Holding Anonim Sirketi (TKFEN) Q4 2024 earnings summary

Executive summary

• Consolidated EBITDA margin turned positive to 4.7% in 2024 from -1.7% in 2023, reflecting improved operational efficiency and financial optimization.

• Net profit rebounded to 5,978 million TL (10.3% margin) in 2024 from a loss of -1,611 million TL (-2.6% margin) in 2023.

• Market capitalization increased by 95% in 2024, and the credit rating was confirmed as 'AA- stable.'

• Financial and operational restructuring included consolidation of smaller companies and workforce optimization.

Financial highlights

• Revenue rose to 62,279 million TL in 2024 from 58,190 million TL in 2023.

• EBITDA improved to 2,724 million TL in 2024 from -1,084 million TL in 2023.

• Net profit margin increased to 10.3% in 2024 from -2.6% in 2023.

• Current ratio improved to 1.08 in 2024 from 1.00 in 2023.

• Equity/Total Assets declined to 41.8% in 2024 from 46.9% in 2023.

Outlook and guidance

• Engineering and Contracting Group backlog expected at 1.1 billion USD for 2025.

• Toros Tarım projected to achieve sales of approximately 2 million tons in 2025.

• Export restrictions on fertilizer products to continue in 2025, with specific caps by product and quarter.